Apparently there are two changes on the Beta realm that you all should know about.
Earth and Moon: Your Wrath and Starfire spells have a 100% chance to apply the Earth and Moon effect, which increases Arcane, Fire, Frost, Nature and Shadow damage taken by 13% for 12 sec. Also increases your spell damage by 3%. (Max rank EnM used to increase personal spell damage by 5%)My first reaction to this is obviously disappointment and anger. No one likes to be nerfed, but I'm going to hold my judgement for now.
Glyph of Starfire: Your Starfire ability increases the duration of your Moonfire effect on the target by 3 sec, up to a maximum of 9 additional seconds. (Was unlimited)
Ghostcrawler said that the change was made because "balance dps is really high both at level 70 and 80. We're concerned that we made too many big changes and made their dps too high." (src)
I don't know if Balance DPS is two high or not. It's pretty hard to evaluate right now due to all of the server issues and the fact that almost all bosses are now loot piniatas. However, I can say one thing with complete confidence. Moonkin are not the highest DPSers in raid. In the last two raids we have run with 2 or 3 hunters. They are by far the best DPSers in raid, because the basically have unlimited mana now, an aggro dump, and at least a quarter of there damage comes from a pet with a separate aggro table. I'm not talking about a small advantage. In some cases they are doubling the DPS of the casters and such.
Murmurs has made a great post on the WoW forums regarding the state of Moonkin DPS and how Blizzard is trying to rely on Eclipse to heavily to make our spec more interesting. It's really long but she has some great points that I urge you to check out. (link)